MIP Fund Accounting: Efficient and Flexible Reporting
March 26, 2022

MIP Fund Accounting: Efficient and Flexible Reporting

Bruk Mulaw | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Software Version

Other

Overall Satisfaction with MIP Fund Accounting

We have been using MIP Fund Accounting since 2016. It was a significant upgrade from our old system Blackbaud Fundware. MIP Fund accounting has provided us with a lot of flexibility and efficiency in reporting, cost tracking and budget controls, bank reconciliation, accounts payable/receivable, and general ledger analysis. The program has several features for creating custom reports, setting organizational preferences and restrictions to enhance control and reduce errors. Overall we are satisfied with our upgrade to MIP fund accounting.

Pros

  • Financial Reporting
  • Interface with Microix AR AP and budgeting
  • System setup and controls

Cons

  • System for payrolls with complicated union contracts
  • Integrate purchase order/encumbrance in the AP system
  • Attachments features to upload back up documentation
  • Dashboards for graphic presentation of Financial reports
  • Improved efficiency in reporting
  • Improved efficiency in year end audits
  • improved financial transparency both to internal and external stakeholders
With flexibility in reporting MIP has enabled our finance team to generate several custom reports. This has enhanced efficiency in quickly obtaining reports and supporting the management decision process. The reporting feature has also enabled management for budget controls and quickly identifying areas that need attention for any variances. Adding a visual dashboard with graphs and charts is something that needs improvement for MIP Fund accounting
We have been using MIP for six years and we are overall satisfied with our experience. The system has helped us a lot in streamlining our accounting, audit, and budgeting process. We use Microix for budget, PO, accounts payable/receivable workflow, and approval. MIP directly interfaces with Microix and data transfer between the two systems is seamless.

Do you think MIP Fund Accounting delivers good value for the price?

Yes

Are you happy with MIP Fund Accounting's feature set?

Yes

Did MIP Fund Accounting live up to sales and marketing promises?

Yes

Did implementation of MIP Fund Accounting go as expected?

Yes

Would you buy MIP Fund Accounting again?

Yes

MIP works well for not-for-profit or governmental accounting, with a focus on fund accounting and budget controls. The system allows to track costs and generate reports at various levels of authority, including fund, cost unit, program, object-level reporting. The system also allows soft closing without having to do actual year-end closing of the books.

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